Family Property ?: Can lot be offered to different parties with different conditions?
CheapTravel Admin asked:
A piece of property in our family has been offered up to a buyer outside the family at an unknown price. The family has been told they can offer on the property as well, but only if they also buy the owner out of their share of a different property as well. Is this legal and can anyone point me to any references?
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A piece of property in our family has been offered up to a buyer outside the family at an unknown price. The family has been told they can offer on the property as well, but only if they also buy the owner out of their share of a different property as well. Is this legal and can anyone point me to any references?
Thank you!
Mia
November 28th, 2010 at 1:37 pm
Jackson
A seller can take the top price or the bottom price or any price in between.
December 1st, 2010 at 7:04 am
Landon
The problem isn’t the price. It’s the part about having to purchase another piece of real estate if you want to purchase the first.
I remember from my real estate law that this is NOT legal.
December 4th, 2010 at 7:25 am
Peyton
Yes, property can be offered to different parties with different conditions. And yes they can accept a lower or higher offer. However, they cannot make you buy more property than you want.
So, if you want to purchase just the one piece, make a formal offer in writing for it.
December 7th, 2010 at 3:53 am
Hayden
What is being proposed is completely legal. The seller has indicated that they do not wish to sell to one or more specific buyers unless said buyers purchase the share ownership of an additional property. The sellers are free to offer different terms to different potential buyers.